The Forrest City times., 1887-12-10
PRESIDENTS MESSAGE.
The Surplus and the Tariff the Only
 Questions Touched.
The Reports of Heads of Executive De- partmrnts and Former Messages Referred to for Information
 on Other Subjects

fali toxtof President Clevelnnd's message
 transmitted to Congress to-day
 TO rifr CdxdREss OF THE rvrrED STATES 1 --V0n arc confr0nted % the threshold of yoU
 legislative 4ltiaa with condition of the
 RATIONAL rTEASCE4
 Which frrneratlVely demands immediate ana ! careful consideration. The amount of monel | annually Gxacted through the operations o
 present laws, from the industries and neces ! sites of the people, largely exceed thc sun : necessary Co meet tho expenses 0f the Govern 1 meut When we consider that the theory o
 our institutions guarantees Co every citizen thi | fail enjoyment ofail the fruits of his industrs | and enterprise, with only such deduction
 as may +e his share towards the
 careful and economieal mainsensne.
 Of the government which protects ! him. i' is plain that the exncti1n of more thar
 tiss Is iuaefeaslhie e1t0rtiou. and culpnoie ] betrayal of Amenean fairness and justice. fAls
 wrong indicted upon those who bear he burden i 0f National taxation. like other wrongs multi ! plies a brood of evil consequences The public ! irnasurr. which should only exist as conduit ] conveying thc people tribute % It- iesitiinate
 objects nf expenditure, bacomes a h01rdinR. i uidfe for money Heedlessly withdrawn from i trade and fho people, use, thus crippling onT ! National energies, suspandng our country s ] aaeelonmrut preventing inFetsment in pro i sfuetirs enterprise. threatening financial ei5
 tnrbance. and inviting schemes of public plum der
 i This condition of oar treasury is hot sl- I toeetheF now. and it has more than once or ! late been submitted % the people fepfesenta- 4 tives in C0HRfess. who alone e1H apply 2 ] rcmcdF And Fet the situation sttli continues. I win aeHrayafUd incidents. more than yer 1 presaging financial cOnvuision and wide spread disaster It Will not do to neglect this situation i because ns dangers arc not now palpaniy lm- m5ueuf and apparent. They extst none tae i less certainly. and awalt the unforeseen sa5. 1 unexpected occasion wnen suddenly they VIII 1 bc precipifated lpon ns
 1 0.a inc slth day of June. 1883, the excess Of revenues over public expenditures, alter com plying with tho annual rel1ireneht eI si.e si4e Sinking Fund aet, was .ii s,s, 'ss, VT r,,.. l year ended Juno 3a fs-h, such excess amounted ] tn slg Ha 54fs3 and iur ng The ye1r ended June o. iEs7 lI reached the sum of s55 56f .Siaal The annual contributions Co Che sinking fund dur ing line three years above spec lied. amounting iu the aggregate Co lSs t3s, 4yh and deducted : from the surplus as stated, were made pY call ing in for that purpose outstaadn9 thfee per cent bonds Of the Government During the SIX months prior to June 9. isss, the sur. plus revenue had grown so large ey repeated accumulatiuas, thai 1t was feared the withdrawal Of this great sum Nf money needed bv the people would so affect tae business Of inc country tlat the sum Of 70 s6t 100 of sucA surplus was applied % the payment Of the principal and interest or the three per cent bonds still outstandinE and which were then payable at the optiou or the Government The precarious condition or al auairs among the people sfill needing relief. immediately after the 84th day of June. fss7 tho remainder of tue three per cenL bonds then outstanding amounting Wltn principal aud interest tn The sum Of eiSst4.5l9. wore eaIled n and applied t0 fhe sinking nIud con frthuf iou for tho current fiscal year Notwtth- standing these operations or the Treasury Department representations of distress in busl- ness circles not only contlnned but increased, and absolute perl seemed at hand In these circumstances She contribution to the sinking fund for fhe current fiscal year was at once completed by the expenditure of i21, Gs4 s.55 iu the pur hHse Of Government bonds not yet due. bearing fouf aa1 four and half per cent. interest fHe premium paid thereuppn averae ing about tW eufY iour per cent t9e the former anf eight per gent for the hitter h addition Co tais the interest accruiug duung tine current year upon the outstanding bonded indebted ness of the Government was to some extent anticipated, and banks selected as Repositories Of pn4lic money were permitted to somewhat increase their deposits.
 While tae egpedtenfs thus employed to re- lease 70 She people the money lying idle iu the treasury seTFei to avert immediate danger, our surplus revenues have continued t0 dc- Cumuiata, the excess for the present year amalrfiua0u the first day Of December to S55- g,498l la and estimated 10 eeaeh the sum of si}3Glae9 on the Dth day Of June ueZt at winch date it Is expected that this sum. added te prior accumulations will. swell Ile surplus iu the fFeasUry 70 f1 tJ V3,NH3
 There seems 10 hr no assurance that, with such g withdrawal from use Gl the psople $ circulating medium, our business community may nos "a the near future be subjected ro gne same ,list.rss whieh was quite lately produced from the same cause AEd wRle the functions of aur National Treasury should UC few and simple, and while lfs best condition would be reached, believe. by its entire dis connection with private business interests, yet when. hv peryersi9n Of its purposes lt Idly holds money lsEiesslT suntr0eted from the channels Of trade, there seems t0 be reason Tor the claim that some legitimate means should be devised by the Government tO restore in an emergency, without waste or extraEagan such money to its place anoug the people, If such an emergency arsCs tbere now exists no clear and uudouDted e1eeuu9e peEer or retlef- heretofore the redemption Of three per eeAs, hep0s. which were payable at the option of the Gov rnmeut, hAa afforded a means for the disbursement of the excess of our roYenue; but these bonds have aIl been retired and there are no bonds out standing. the payment of which VIC have the right 70 insist upon. The contribution to the sinking faud, which furnishes the occasion fol expenditure ir tho purchase or bonds has been already made for the current year. that there Is no outlet in that direction
 In the nfesgul stat0 0f legislation the Onlg pfeleuse ofany existing executive power tG re store, at this tme, any part Of our surplus rev euues tu the people by its expeaditure con- sists in the TappositiDa that the Secretary Of theTreasury may enter the market and pur- chase the bonds 0f the Government not yet due at a rate of premium co ue agreed upon
 The only pEovisiou Of law rom which such a power could be derived is found ln an appropr- alton bin passed a number of years aEq and ii D subject Co the suspicion Shat t was intended gs temporary and limited in.lis application. in
 stead of conferrng continuing discretion and authority No condition ought Co exist which would justitF t1e grant oi pawar to a single official upon hl~ judgment of ita necessity, tQ withhold lrom pr release 70 the business Of the
 people, in an unusual manner mouev held In ] the treasury, aud thus affect at his 8iil, J the GnaHclNi situation Of tine country; and q it is deemed wise 70 lodge in the Secretary oi
 the Treasury the authority ia thc present Iunet ' are fO purchase bonds, 1t should be plainly
 vested, and provided, as far aa possible with ench checks and limitations as viii deiine this official rich and dl6tfet0n. and at the same tme relieve hlm Of undue responsibility.
 In considering the quest Gp 0f purchasing bonds as means of rest0r ng 10 circulation the surpius money accommodating ln thc treas ury. it should be borne iu mlnd that premiums must of course ne paid upon sueh purchase, that there may Dc large part Of these bonds ! held as Investments which caa not be pur
 chased at any price, and that com
 biaaiions ameng holders who are
 enhance the cost Of such bonds to the Govern.
 iueat tt has hrea saecrstet that the present bonded deDt miChi be refunded ai less rate Of interest, and tae difference between the old and new security pad in cash. thus finding use for the surplus in the treasury The success Of tais plan it is apparent must depend upon the roliuou ct tnc holders of the present
 bonds end t Is not entirely certain that the iuduceueut winch must be oiierea them would result ia more nnauclai henelt t5 the Govern meut llhn thH purchase Gi bonds W'uIe Inc lat fer proposition would reduce tlo principal 0l the deoE by actual payment, iuste2i oi extend ing it
 The proposition to deposit Inc money held by ths Government ln banks throughout She coan- try, for pse by the people &, lt seems Co me, exceedingly objectionable in priucipie. cstab hShiax Zoo close relationship between Inc operations Of the Government Treasury and the business of tho country, and 500 extensive comminEiing ot their money. thus fostering an unnatural reliance in prvate business upOf public funds. ii iAis scheme should be adopted it should oniy be done as a temporary expe dient to meet an urgent necessity. Legislative and executive effort should generally ae in tht opposite direction, and should have tendency 70 divorce, as much and as fast ai can safely he done, the Treasury De partmenf from private enterprise or course 2
 IS not expected that unnecessary and extrava
 Rant appropriations will ne made for the puF pose.f avoiding the accumulation of an excesi
 of revenue. Such expenditure, besides the de : nlaralization Of all iust conceptions of pnbli
 duty whicn it entails. stimulates a habit O
 reckless imprpvldenee not tn the least consist
 nt with the mission Of our people or the hlgl
 and heueneeaf purpose of our Government. have deemed it my duty 70 thus bring tO th knowledge Of my countrynuen. as well as to thi 7 attention of ther representatives chargei
 with the respons bility 0f legislative re
 lief the gsavlSy Of our financial situation
 The failure ef Congress heretofore tO proYid
 against the dangers which it was quite eviden
 inc very nature Of the difficulty must neces
 sarilY produce caused @ condition of hnaneia
 distress and apprehension since your last ad ' 1ourment. which taxed f0 The utmost all tn